Bitcoin (BTC) continues to exhibit on-chain energy regardless of a protracted interval of worth compression between $100,000 and $105,000.
In response to Constancy Digital Belongings’ VP of analysis, Chris Kuiper, the flagship crypto stays in its “Acceleration Section,” a interval characterised by elevated pockets profitability and volatility, at the same time as derivatives exercise dampens upward momentum.
Bitcoin closed at $104,119 on Might 13, with 99% of addresses in revenue. Constancy knowledge exhibits that 10 days in Might have certified as high-profit, high-volatility classes. Traditionally, this section has aligned with breakout actions, together with the surge that adopted the US election in late 2020.
Regardless of these situations, Bitcoin has been unable to decisively breach its higher resistance ranges, with closing costs largely contained inside a slender $94,000 to $104,000 band all through the primary half of Might.
Derivatives exercise creating headwinds
In response to a Might 16 report by CryptoQuant contributor Darkfost, the restrained worth motion stems from structural pressures within the derivatives market.
The report highlighted that cumulative internet taker quantity, a measure of aggressive buying and selling stream, has remained destructive since Bitcoin reclaimed the $100,000 degree. This imbalance exhibits that brief positions have outweighed longs, producing sustained promoting strain.
The bearish positioning signifies that merchants are skeptical of a near-term transfer to new all-time highs and are actively betting in opposition to additional upside. So long as this imbalance persists, Bitcoin’s upward potential stays capped regardless of favorable situations in spot and on-chain markets.
Value stagnation within the presence of bullish fundamentals isn’t unprecedented. Nevertheless, even robust community alerts may be muted quickly when by-product flows overpower spot accumulation.
The present divergence between derivatives exercise and on-chain profitability highlights the friction in Bitcoin’s worth discovery course of.
Bitcoin volatility hits document low vs. gold
Bitcoin’s muted worth motion has additionally resulted in a historic compression of volatility, which has hit ranges final seen greater than 10 years in the past.
VanEck’s head of digital property analysis, Matthew Sigel, famous on Might 16 that Bitcoin’s 30-day volatility has dropped beneath gold’s for the primary time since knowledge monitoring started.
Based mostly on Bloomberg terminal metrics, the BBR/GC1 ratio is now at 0.857, its lowest degree over a decade.
Whereas derivatives positioning stays a near-term barrier, historic patterns recommend that extended durations of volatility suppression have typically preceded giant directional strikes.
Whether or not that materializes once more will depend on shifts in taker stream, macro situations, and liquidity situations.
Bitcoin Market Knowledge
On the time of press 1:56 am UTC on Might. 17, 2025, Bitcoin is ranked #1 by market cap and the worth is down 0.55% over the previous 24 hours. Bitcoin has a market capitalization of $2.05 trillion with a 24-hour buying and selling quantity of $44.01 billion. Be taught extra about Bitcoin ›
Crypto Market Abstract
On the time of press 1:56 am UTC on Might. 17, 2025, the entire crypto market is valued at at $3.28 trillion with a 24-hour quantity of $109.93 billion. Bitcoin dominance is at the moment at 62.52%. Be taught extra in regards to the crypto market ›
